Actis Biologics (India) is close to finalising a deal with private equity (PE)
players to sell 15% stake. The company is in advanced stages of discussions
with three foreign players to raise Rs 125 crore through issue of fresh shares,
said Actis Biologics CEO Sanjeev Saxena.
"The talks have taken longer time because of the global financial crisis.
However, we hope to finalise a deal before the end of the year. The money
raised will go towards the new plant to be built at Khopoli in Mumbai. The cost
for the plant is estimated to be $9.5 million (approximately Rs 44 crore),"said
Actis Biologics president PN Venugopalan.
The remaining money would be utilised to meet the company's working capital
requirement in next 10 months till the plant is up and running and starts
generating revenue. Mr Saxena said that the company is continuing its research
and is also looking at acquisition opportunities in the form of technology or
smaller biotech companies.
Actis Biologics had recently purchased a technology 'Liv1' and is looking to
set up an office in the US, for which these funds would be used. Actis has
already invested $10 million in its R&D lab in Mumbai. The company plans to
launch its new technology 'VFF2' in 8-10 months.
Source: Economic Times
The noblest search is the search for excellence.
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